Daily analysis of major pairs for July 24, 2015

EUR/USD: The EUR/USD pair has rallied by about 200 pips this week. As a result, there is a ‘buy' signal in the market. The resistance lines at 1.1050 and 1.1100 are potential targets for bulls within the next several trading days. In addition, the support lines at 1.0950 and 1.0900 should challenge any efforts to drag the price southward.

USD/CHF: Surprisingly, the USD/CHF pair did not come down as seriously as the EUR/USD has gone upwards. Nevertheless, inability of USD/CHF to go above the resistance level of 0.9650 means that bulls should be cautious whe trading on this market. In case the price fails to rally, there might be a further bearish correction.

GBP/USD: The сable dropped seriously on Thursday generating a bearish signal on the market. Long trades are currently not recommended because bears might target the accumulation territories around 1.5450 and 1.5400 today or next week.

USD/JPY: What is happening on this currency trading instrument signifies a serious battle between buyers and sellers. Although the recent bullish bias in the market remains intact, it looks wise to stay away from this instrument until there is a clean directional bias in the market. This clean directional bias should be seen today or next week.

EUR/JPY: There is a direct bullish signal on the EUR/JPY cross: the EMA 11 is above the EMA 56 while the RSI period 14 is above the level of 50. This is the beginning of a vivid Bullish Confirmation Pattern in the chart. The price could go further northward by at least 200 pips within the next several trading days.